The Colony Beach & Tennis Resort Association Board of Directors received a report from Karins Engineering Group Inc. this week that reveals it would cost about $600,500 to get the resort’s 237 units in shape for owner occupation this season.
The report, obtained by The Longboat Observer, explains two villa buildings that have not been used at least in the past year were visually inspected to come up with a “worst-case scenario” for unit owners.
To restore and renovate the current 237 units to attain another 20 to 40 years of lifespan, David Karins, president of Sarasota-based Karins Engineering, estimates the cost to unit owners would be about $19.6 million.
For comparison purposes, Karins estimates a complete demolition of the property and a rebuild of an estimated 282 units (45 units more than the existing resort) would cost about $54.4 million.
Association President Jay Yablon said the Board of Directors will distribute the report today, and owners will have a public board meeting soon to discuss its findings.
Contact Kurt Schultheis at email@example.com.
Currently 4 Responses
- It's a shame the resort was left to die this way.
If the new management can find a way to scrape the property and build an efficient and exciting complex we'll be moving the key in the right direction, but, I'm certain the town leaders and other "old" sticks on the key will be against any new brick and mortar . . . perfect example the Key Club.
- Level the Colony and develop anew. The death and rebirth of the Colony are indeed vital news and will be until the end.
- Why not just throw the money into the Gulf or better yet donate it to a worthwhile cause, because this one is hopeless!
The headline tells the story but in a kind way-- Dilapidated units
How can $2400 turn these units around ? if that's true then the whole appraisal is flawed.and the outside appearance is a mass deception.
You can put lipstick on apig but it's still a pig.
Tear it down and put a true resort on the island.
However good luck with that !
- Is life on longboat so muted that our island paper continues to bombard us with endless colony stories and murf klauber rumors. Are these articles ever going to end? Enough!!!!!!! No one cares anymore about the colony and who stole from who? Makes the island look bad.
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